During the last 24 hours of rebounding prices the net volume turned positive again, sign of a comeback of buyers after a huge 7 days sell-off. Overall volume is at all time high, with more then 500k btc traded at the two bottoms, april 12 at 54.5$ and yesterday at 50$.
Despite an increasing selling pressure, yesterday the market failed to go below 50$, again this is a sign of buyers coming back and sellers going out of ammunitions. Looking VWAP levels, support stands now at 40$ and resistance at 172$, VWAP is at 110$ and it will be an important test to see if this rebounce just started has enough fuel to go above the VWAP. After 6 consecutive days with lower highs today BTC/USD has broken yesterday top at 84.5$ with an intraday high of 88$.
If sellers will take control again and the market fall below 60$ i shall conclude that BTC/USD is headed at least down to 40$, to the minus 2 standard deviation line of april VWAP levels. We are at a critical juncture that might confirm a long term double bottom for bitcoin.